About BOCHK
Bank of China (Hong Kong) Limited ("BOCHK" or "the Company"), the principal operating subsidiary of BOC Hong Kong (Holdings) Limited ("BOCHK Holdings" or "the Group"), is a leading commercial banking group in Hong Kong. BOCHK Holdings was incorporated in 2001 and listed in July 2002 in Hong Kong and is a subsidiary of Bank of China Limited (HK Stock Code : 3988) which holds a 66.06% equity interest in BOCHK Holdings.

We offer a comprehensive range of financial products and services to retail and corporate customers. Our extensive branch network in Hong Kong and the Mainland of China allows us to meet the cross-border financial service needs of Hong Kong and Mainland customers. BOCHK is one of the three note-issuing banks in the HKSAR. Since the end of 2003, BOCHK has been appointed as the Renminbi (RMB) clearing bank in Hong Kong.

Since the IPO of BOCHK Holdings in 2002, the Group has been committed to enhancing its business platform and capabilities to deliver higher value to shareholders and customers. With the establishment of a strong management structure and corporate governance framework, as well as the development of effective risk management and internal control, the Group continues to fortify its foundation for long-term growth.

The Group is committed to becoming a top-quality financial services group with a powerful base in Hong Kong, a solid presence in China and a strategic foothold in the region. To realize this vision, we have identified five key strategic areas to focus on: (1) the strengthening of our leading position in Hong Kong; (2) the development of new capabilities in product manufacturing and distribution; (3) the building of a stronger presence in China; (4) the exploration of opportunities for regional expansion; and (5) the promotion of our corporate values and core competencies.

2008 was a highly challenging year with an unusual combination of exceptionally difficult events. During the unprecedented period, we took various proactive initiatives, focusing on the management of our capital, liquidity, risks and costs in order to fortifying our foundation. As at the end of 2008, our financial position remained solid with total assets reaching HK$1.15 trillion. Our consolidated capital adequacy ratio stood comfortably at 16.17% while our liquidity position remained strong at 41.74%. The Group's loan quality remained healthy.

Amid a challenging operating environment in 2008, the Group's traditional banking businesses continued to deliver solid performance. Our net interest income reached new record level. Solid growth was posted in fees and commission income from our traditional banking services, including fee income from loans, credit cards, Rmb business. We maintained a strong deposit base and sustained our leading market positions in residential mortgage, loan syndication and Hong Kong Rmb banking businesses.

Click here for 2008 Annual Report

For 2009, we expect the market environment to remain highly challenging and volatile while global economies will remain under stress. It is extremely important for us to stay flexible, alert and proactive in managing our risks, capital, liquidity and expenses. While business activities may slow down amid the global economic downturn, we will focus on enhancing our business capabilities and operating efficiency to better position ourselves for the market recovery. In response to the changing industry landscape, we will adjust our business strategies accordingly by capitalising on our core strength areas. We will also continue to invest judiciously in accordance with our strategic priorities for our long-term growth.

On the business front, we will continue to leverage our fundamental strengths to enhance the competitiveness of our core business. We will build on our strong franchise in traditional banking businesses. We will seek to maintain our market leadership in the Hong Kong Rmb banking business. Furthermore, we will continue to expand our cross-border financial services to serve both corporate and personal customers. To cater to the diverse needs of customers, we will align our strategy with the changing environment and provide quality banking and financial services to our customers.

Despite the market uncertainties ahead, we see considerable business opportunities for BOCHK, especially by fostering closer collaboration with our parent bank, BOC. The setup of BOC Group's Asia-Pacific Syndicated Loan Centre last year proved to be a great success by leveraging BOCHK's expertise, BOC's network in the Pacific Region and the BOC franchise. With close cooperation with BOC, BOCHK is well positioned to provide comprehensive offshore financial services to the Chinese enterprises going global. We will continue to strengthen this unique collaborative platform between BOCHK and BOC in various business areas to extend our presence in the region and to better serve the needs of our customers. We are confident that these collaborative opportunities will create value for the customers and shareholders of both BOCHK and BOC.

The Group is committed to ensuring high standards of corporate governance in the interests of shareholders. We devote considerable efforts to identifying and formalising best practices appropriate to our situation which are over and above the code provisions and recommended best practices as set out in the Listing Rules of Hong Kong. Our consistent efforts to improve and enhance our corporate governance have won us meaningful recognition from the business community.

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